Group 1 - The national peak electricity load reached 1.465 billion kilowatts on July 4, an increase of approximately 200 million kilowatts from the end of June and nearly 150 million kilowatts year-on-year, marking a historical high [1] - The East China power grid load reached 422 million kilowatts, with air conditioning load accounting for about 37% [1] - The extreme high temperatures in summer are expected to drive up electricity demand, with an estimated increase of about 100 million kilowatts in peak summer electricity load compared to last year [1] Group 2 - The extreme high temperatures this summer are expected to boost air conditioning demand globally, with historical data showing a significant positive correlation between temperature changes and air conditioning sales [2] - The "heat dome" effect and global warming trends are anticipated to lead to a substantial increase in both domestic and international air conditioning sales [2] - A new round of limited national subsidy funds is expected to stimulate domestic demand, with overall air conditioning demand in Q3 projected to be favorable [2] Group 3 - Related Hong Kong stocks in the air conditioning sector include Midea Group, Haier Smart Home, Hisense Home Appliances, Xiaomi Group, and Huitongda Network [3] - Refrigerant-related stock includes Dongyue Group [3]

Group 1 - Rare weather phenomenon of "July snow" occurred in northeastern Turkey, with significant snowfall in a 100-kilometer mountainous area, described by locals as unprecedented in decades [1][2] - In western Turkey, wildfires have been rampant, with 624 incidents reported in the past week, resulting in three deaths, destruction of approximately 200 homes, and evacuation of around 50,000 people [2] - The province of Izmir is experiencing extreme heat, with temperatures expected to exceed 40 degrees Celsius in the coming days, exacerbating the wildfire situation [2] Group 2 - Experts attribute the increase in extreme weather events to global warming, predicting that such occurrences will become more frequent and intense [3] - There is a call for improved early warning systems for extreme weather and a long-term focus on reducing greenhouse gas emissions [3] - The privatization of Turkey's electricity sector has led to inadequate maintenance of power lines, increasing the risk of wildfires due to electrical faults [2]

Core Points - Europe is experiencing extreme heat waves leading to increased air pollution, heightened wildfire risks, and significant disruptions to daily life [1][10] - The heat wave is attributed to a high-pressure system originating from Africa, creating a "heat dome" effect that compresses air and raises temperatures [10][12] Group 1: Temperature Records and Alerts - Southern Spain recorded temperatures of 46 degrees Celsius, while much of France was under heat alerts with temperatures exceeding 40 degrees Celsius [2] - Austria, Bosnia, Serbia, and Slovenia issued red alerts due to ongoing high temperatures, with many regions experiencing record heat for June [2] Group 2: Wildfires and Emergency Responses - Severe wildfires erupted in Greece, particularly around Athens and Crete, forcing over 5,000 individuals to evacuate [3] - Germany declared a state of emergency in multiple regions due to wildfires, with significant areas affected, including approximately 1,000 hectares in the Görlitz area [4][5] Group 3: Health and Infrastructure Impact - Italy reported multiple deaths linked to high temperatures, with 18 cities under "red alert" for heat, indicating health risks even for healthy adults [7][9] - High temperatures have caused power outages in cities like Florence and Bergamo, and road surfaces in northern Italy have cracked due to heat [9] Group 4: Climate Change Implications - The World Meteorological Organization noted that extreme heat events are becoming more frequent and intense due to climate change, emphasizing the need for public safety measures [12] - Experts warn that the Mediterranean region is warming rapidly, which could lead to more severe weather events in the future if emissions reduction measures are not implemented [12]

Core Viewpoint - Europe is experiencing extreme heat waves, leading to increased demand for air conditioning, particularly from Chinese brands, as traditional attitudes towards air conditioning are shifting due to climate change and rising temperatures [2][10][16]. Group 1: Current Weather Conditions - Since June, multiple countries in Europe have recorded temperatures exceeding 40 degrees Celsius, causing disruptions in transportation and education, and resulting in heat-related fatalities [2][5]. - The European Centre for Medium-Range Weather Forecasts reported that June 2023 may become one of the hottest on record for Europe, with heat waves occurring more frequently and intensely due to climate change [3][4]. Group 2: Air Conditioning Market Dynamics - In the first five months of 2025, the European market for household air conditioning units saw a total of 12.773 million units sold, marking a 31.5% year-on-year increase, with Chinese brands leading the growth [2][17]. - The air conditioning penetration rate in Europe remains low, with only about 20% of households equipped with air conditioning, compared to nearly 90% in the U.S. and Japan [6][10]. Group 3: Cultural and Structural Factors - Historical climate conditions and building traditions in Europe have contributed to a reluctance to adopt air conditioning, as many buildings are designed to stay cool naturally [10][11]. - Cultural perceptions have historically viewed air conditioning as a luxury rather than a necessity, with many Europeans preferring natural ventilation methods [10][11]. Group 4: Economic Considerations - High electricity prices in Europe, exacerbated by the energy crisis following the Russia-Ukraine conflict, make the operational costs of air conditioning a concern for many households [11][13]. - Reports indicate that over a quarter of consumers in France may struggle to pay energy bills by 2024, highlighting the economic barriers to air conditioning adoption [11][12]. Group 5: Market Opportunities for Companies - The increasing demand for air conditioning presents significant market opportunities for manufacturers, particularly Chinese companies like Midea and Haier, which have reported substantial sales growth in Europe [17][18]. - Midea's PortaSplit air conditioning units have sold out in Germany and France, indicating strong consumer interest and market potential [17][18].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - On July 3, the silicon ferroalloy 2509 contract closed at 5390, up 0.41%. The market sentiment improved significantly after the Sixth Meeting of the Central Financial and Economic Commission. The production was operating at a low level, and the cost of Ningxia semi - coke decreased. The production profit of ferroalloys was negative, and the overall expectation of steel demand was still weak. Technically, the 4 - hour cycle K - line was between the 20 and 60 moving averages, and it should be treated as a volatile operation [2]. - On July 3, the manganese silicon 2509 contract closed at 5712, up 0.32%. After the Sixth Meeting of the Central Financial and Economic Commission, the market sentiment improved significantly. Fundamentally, the manufacturers' operating rate had rebounded for 6 consecutive weeks at a low level, and the inventory was still relatively high. The downstream hot metal production was operating at a high level. The steel mills' procurement was cautious, and the tender price continued to decline. Technically, the 4 - hour cycle K - line was between the 20 and 60 moving averages, and it should be treated as a volatile operation [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - SM main contract closing price was 5,712 yuan/ton, down 14 yuan; SF main contract closing price was 5,390 yuan/ton, down 46 yuan [2]. - SM futures contract open interest was 589,140 lots, up 9,004 lots; SF futures contract open interest was 405,479 lots, down 5,516 lots [2]. - The net position of the top 20 in manganese silicon was - 30,962 lots, up 2,120 lots; the net position of the top 20 in silicon ferroalloy was - 46,142 lots, up 3,302 lots [2]. - The price difference between SM contracts from January to September was 40 yuan/ton, up 4 yuan; the price difference between SF contracts from January to September was - 8 yuan/ton, up 6 yuan [2]. - SM warehouse receipts were 89,598 pieces, up 1,753 pieces; SF warehouse receipts were 9,678 pieces, up 169 pieces [2]. 3.2 Spot Market - The price of Inner Mongolia manganese silicon FeMn68Si18 was 5,480 yuan/ton, unchanged; the price of Inner Mongolia silicon ferroalloy FeSi75 - B was 5,300 yuan/ton, up 50 yuan [2]. - The price of Guizhou manganese silicon FeMn68Si18 was 5,550 yuan/ton, up 50 yuan; the price of Qinghai silicon ferroalloy FeSi75 - B was 5,200 yuan/ton, up 50 yuan [2]. - The price of Yunnan manganese silicon FeMn68Si18 was 5,500 yuan/ton, unchanged; the price of Ningxia silicon ferroalloy FeSi75 - B was 5,280 yuan/ton, up 50 yuan [2]. - The average value of the manganese silicon index was 5,490 yuan/ton, up 25 yuan; the basis of the SF main contract was - 110 yuan/ton, up 96 yuan [2]. - The basis of the SM main contract was - 232 yuan/ton, up 14 yuan [2]. 3.3 Upstream Situation - The price of South African ore: Mn38 lump at Tianjin Port was 35 yuan/ton - degree, unchanged; the price of silica (98% in the northwest) was 210 yuan/ton, unchanged [2]. - The price of secondary metallurgical coke in Wuhai, Inner Mongolia was 850 yuan/ton, unchanged; the price of semi - coke (medium material in Shenmu) was 640 yuan/ton, unchanged [2]. - Manganese ore port inventory was 422.40 million tons, up 0.90 million tons [2]. 3.4 Industry Situation - The operating rate of manganese silicon enterprises was 39.21%, up 2.82 percentage points; the operating rate of silicon ferroalloy enterprises was 31.70%, down 0.99 percentage points [2]. - Manganese silicon supply was 179,235 tons, up 2,625 tons; silicon ferroalloy supply was 97,500 tons, down 400 tons [2]. - Manganese silicon manufacturers' inventory was 221,800 tons, up 15,900 tons; silicon ferroalloy manufacturers' inventory was 69,400 tons, up 1,400 tons [2]. - The inventory days of manganese silicon in national steel mills was 15.15 days, down 0.29 days; the inventory days of silicon ferroalloy in national steel mills was 15.20 days, down 0.24 days [2]. 3.5 Downstream Situation - The demand for manganese silicon in the five major steel types was 125,881 tons, up 2,164 tons; the demand for silicon ferroalloy in the five major steel types was 20,354.20 tons, up 389.80 tons [2]. - The blast furnace operating rate of 247 steel mills was 83.84%, unchanged; the blast furnace capacity utilization rate of 247 steel mills was 90.85%, up 0.04 percentage points [2]. - Crude steel production was 86.545 million tons, up 0.526 million tons [2]. 3.6 Industry News - Trump said on the 1st that he was considering raising tariffs on Japan to 30% or 35%, and the Japanese government had not responded directly [2]. - On July 2, the Iranian president approved the suspension of cooperation with the International Atomic Energy Agency after the Iranian nuclear facilities were attacked by the US military [2]. - The World Meteorological Organization said that the hot weather in early summer brought life - threatening high temperatures to most parts of the Northern Hemisphere, and humans would face more frequent and severe high - temperature situations [2]. - The EU's foreign policy chief urged China to end restrictions on rare - earth exports and warned that Chinese enterprises' support for Russia in the Ukraine war posed a serious threat to European security [2].

智通财经7月2日电，总部位于瑞士日内瓦的世界气象组织发言人纳利斯1日表示，初夏酷热的天气给北 半球大部分地区带来了足以危及生命的高温，而且随着全球变暖的持续，人类将更频繁面对类似的高 温，甚至是比现在更严重的情况。 世界气象组织警告：欧洲极端高温频率和强度正在增加 ...

Group 1: IPO Applications - Shanghai Magnesium Health Technology Group has submitted an IPO application to the Hong Kong Stock Exchange, with joint sponsors including Goldman Sachs, CICC, and HSBC [1] - Xizhi Technology plans to issue approximately 140 million shares at an initial price of HKD 16.8 per share, aiming to raise up to HKD 23.6 billion (USD 3.01 billion) in its IPO, with Morgan Stanley and CICC as joint sponsors [2] - Huizhou EVE Energy has submitted an IPO application to the Hong Kong Stock Exchange, with CITIC Securities as the exclusive sponsor [3] - MagiTech has submitted an IPO application to the Hong Kong Stock Exchange, with joint sponsors including CICC, Citigroup, and Deutsche Bank [4] - Lens Technology has announced its global offering of H-shares, with a base offering of 262 million shares and an initial price range of HKD 17.38 to HKD 18.18, expected to list on July 9, 2025 [5] - Beijing Tongrentang Medical Investment has submitted an IPO application to the Hong Kong Stock Exchange, with CICC as the exclusive sponsor [6] Group 2: Market Developments - JD's Seven Fresh is accelerating its market coverage in North China, with new stores planned in Beijing, Tianjin, and Shijiazhuang [10] - CATL has established a new company, Times Electric Service Technology, focusing on the sales of new energy vehicles and related infrastructure [13] - LG Electronics has acquired Norway's OSO Group to expand its presence in the European HVAC market [16] Group 3: Financial Updates - The gold price per gram for major brands has dropped significantly, with Chow Sang Sang at HKD 985, down from HKD 1038, and other brands showing similar declines [9] - TikTok has launched an in-app shopping feature in Japan, allowing users to buy and sell products directly through the app [17]

Group 1 - Shanghai Magnesium Health Technology Group has submitted a listing application to the Hong Kong Stock Exchange, with Goldman Sachs, CICC, and HSBC as joint sponsors [3] - Xizhi Technology plans to issue approximately 140 million shares at an issue price of HKD 16.8 per share in its IPO, aiming to raise up to HKD 2.36 billion (USD 301 million) [4] - Huizhou Yiwei Lithium Energy has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities as the exclusive sponsor [5] - Magi has also submitted a listing application to the Hong Kong Stock Exchange, with CICC, Citigroup, and Deutsche Bank as joint sponsors [6] - Lens Technology has announced its global offering of H shares, with a base number of 262 million shares and an initial price range of HKD 17.38 to HKD 18.18 per share, expected to list on July 9, 2025 [7] - Beijing Tongrentang Medical Investment has submitted a listing application to the Hong Kong Stock Exchange, with CICC as the exclusive sponsor [8] Group 2 - JD's Seven Fresh is accelerating its market coverage in North China, with new stores planned in Beijing, Tianjin, and Shijiazhuang [14] - CATL has established a new company, Times Electric Service Technology, focusing on the sales of new energy vehicles and related infrastructure [16] - LG Electronics has acquired Norway's OSO Group to expand its presence in the European HVAC market [21] - DJI has launched its new flagship civil transport drone, DJI FlyCart 100, designed for various applications including emergency and logistics [24]

Group 1: Company Updates - Shanghai Airport has clarified that power banks not included in the recall batch, with clear information and no exterior damage, can be temporarily stored for 7 days [1] - Nissan is seeking to delay payments to suppliers to free up cash, as the company aims to cut costs by 500 billion yen (approximately 3.4 billion USD) and plans to lay off about 15% of its workforce [1] - Demais has stated that it has not directly collaborated with Xiaomi Auto, although its products are used in Xiaomi's vehicles [1] - China Railway Construction has established a new energy development company in Changsha with a registered capital of 5 million RMB, focusing on solar and wind power services [9] Group 2: Market Trends and Innovations - Petal Ads showcased its innovative marketing strategies at the Retail Summit 2025 in Italy, aiming to help European brands penetrate the high-end Chinese market [2] - AVIC Shenyang Aircraft Corporation announced that its new district construction project is expected to achieve production line connectivity and trial operation by the end of this year [3] - Tencent Cloud and Weimob launched a "Private Domain Security Escort Plan" to support clients in private domain operations and marketing [4] - Kangaroo Outbound Technology introduced an innovative "Tourist Scenic Area Co-branded Card" solution to facilitate payments across various scenic spots [12] Group 3: Financial Developments - New World Development has signed a new refinancing agreement with banks to restructure approximately 88.2 billion HKD of existing unsecured financial debt [8] Group 4: Product Launches - DJI has launched its new flagship civil transport drone, the DJI FlyCart 100, designed for various applications including emergency and logistics [11] - Haiguang DCU has initiated deep technical cooperation on the Wenxin 4.5 series models, which include a mix of large and dense parameter models [10]

Core Viewpoint - The article highlights the increasing frequency and intensity of extreme heat events due to global warming, urging governments to enhance heatwave preparedness and long-term strategies to reduce greenhouse gas emissions [1][6][7]. Group 1: Extreme Heat Events - Many countries in the Northern Hemisphere are experiencing extreme heat early in the summer, with Italy issuing red alerts for major cities due to high temperatures [2]. - In Germany, forecasts predict up to 14 days of temperatures exceeding 30 degrees Celsius, raising concerns about forest fire risks [2]. - The U.S. has recorded record high temperatures in nearly 40 cities, affecting approximately 160 million people across at least 29 states [3]. Group 2: Health Impacts - High temperatures can lead to heat exhaustion and heatstroke, with significant health risks for vulnerable populations, including the elderly and those with pre-existing conditions [4][5]. - In France, over 3,700 deaths were attributed to summer heat in 2024, with a similar estimate of around 3,000 deaths in Germany due to heat-related causes [4]. Group 3: Mitigation Strategies - Experts recommend various measures to mitigate the effects of heatwaves, such as increasing urban greenery and providing shaded areas [4]. - Public health strategies and early warning systems are crucial for protecting vulnerable groups from extreme heat [4][5]. Group 4: Climate Change and Weather Patterns - The phenomenon known as the "heat dome" is linked to extreme heat events, exacerbated by global warming, which causes high-pressure systems to trap warm air near the surface [6]. - Climate change is leading to more unstable weather patterns, with extreme weather events becoming more common, including both heatwaves and cold snaps [6]. Group 5: Global Temperature Trends - The China Meteorological Administration's report indicates that 2024 is projected to be the hottest year on record since 1850, driven by human activities and natural climate variability [7].